Section 9 interim protection over shareholding resolved by recorded undertaking to retain majority shares and avoid further encumbrance

A petition under Section 9 of the Arbitration and Conciliation Act, 1996 was disposed of after the respondents were bound by their statement that they would continue to hold majority shares in respondent no. 5 for 90 days and would not further encumber those shares during that period. The court recorded the undertaking and reserved the parties' rights and contentions, leaving the substantive disputes open.

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Outcome: The petition under Section 9 of the Arbitration and Conciliation Act, 1996 was disposed of after the respondents were bound to their statement that they would continue to hold majority shares in respondent no. 5 for 90 days and would not further encumber the same during that period, with rights and contentions reserved.

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